Seven & I to Bid for Rest of 7-Eleven

Japanese Parent Will Pay
$32.50 a Share, but Stock
Jumps Above That Price

By

Hiroyuki Kachi and

Bob Sechler Dow Jones Newswires

Updated Sept. 2, 2005 12:01 a.m. ET

Seven & I Holdings Co. of Japan said it plans to make 7-Eleven Inc. of the U.S. a wholly owned unit via a tender offer of 111 billion yen ($1 billion) in order to help strengthen the U.S. company's operations.

Seven & I, a holding company for Ito-Yokado and Seven-Eleven Japan Co., offered to pay $32.50 a share for the estimated 27% stake in 7-Eleven that it doesn't already own. In 4 p.m. New York Stock Exchange composite...